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Bitcoin (BTC) has been leading the crypto market rally since late September 2023, with its dominance rising steadily from around 40% in 2022 to over 50% by May 2024.  This surge is largely attributed to the approval of Bitcoin Spot exchange-traded funds (ETFs) in the US, driving increased trading volume on platforms like Bybit. Consequently, Bitcoin’s popularity is fueling interest in Layer 2 solutions aiming to enhance Bitcoin’s scalability and functionality for faster and cheaper transactions.  Picks for you Machine learning algorithm predicts Bitcoin price on May 31, 2024 57 mins ago Bank of Canada warns ‘financial system on the brink’ and ‘prepare for fallout' 1 hour ago Severe crisis incoming? Expert Michaël van de Poppe questions 4-year Bitcoin cycle 1 hour ago R. Kiyosaki warns US dollar to crash as ‘BRICS gold crypto’ emerges 3 hours ago Understanding Bitcoin Layer 2 Bitcoin Layer 2 refers to networks closely linked wi...

Bitcoin has surpassed the combined market capitalization of all other cryptocurrencies, according to recent data from TradingView. This comes against shifting economic circumstances, regulatory actions, and investor sentiment.  According to TradingView data, Bitcoin’s (BTC) market capitalization is larger than all other cryptocurrencies combined, with its dominance metric exceeding 50%. As of this writing, BTC’s dominance stood at 50.06%. BTC dominance chart | Source: TradingView This dominance marks a significant rebound from May 2021, when bitcoin’s price took a steep downturn due to China‘s ban on crypto mining and Tesla’s environmental concerns. This resurgence is not a singular event. Bitcoin has repeatedly demonstrated its resilience in the face of adversity. Let’s try to deconstruct the underlying reasons behind its current dominance and predict what this might mean for the future of crypto currency. Market forces at play Recent market dynamics hav...